USD slipped; gold surged to 1.5-year high.

On Wednesday, the US dollar index fell first and then rose. It fell 1% at one point during the day, but after Trump announced a 90 day suspension of tariffs, it briefly rose above the 103 level and eventually closed almost flat at 102.96. The benchmark 10-year US Treasury yield closed at 4.356%; The two-year US Treasury yield, which is more sensitive to monetary policy, closed at 3.93%.

On Thursday (April 10th Beijing time), spot gold trading was around 3082.45, with gold prices climbing more than 2% on Wednesday, marking the best single day performance since October 2023. Supported by safe haven capital flows, trade tensions escalated. International oil prices experienced a sharp decline and skyrocketing trend within the day. WTI crude oil first fell by over 4% and fell below $55 in the market, but with the help of Trump, it strongly reversed and regained all losses of the day, rising 8% at one point, and finally closed up 8.05% at $62.21 per barrel; Brent crude oil closed up 6.7% at $65.44 per barrel.